Demonstrating ability to make payments is a key consideration

No one wants to return to the days when anyone could get a mortgage even if they couldn’t realistically afford the payments.

Yet every few months or so, concern bubbles up again about unconventional loans and the potential for another housing crisis. Tweaks to lender guidelines and new credit scoring models sometimes create consternation among consumers and the lending industry about access to credit becoming too easy or too difficult.

The global coronavirus, which initially dropped mortgage rates to new lows, led to a rush to refinance that overwhelmed lenders. Rates increased when lenders couldn’t handle the volume of loans. Now that the pandemic is impacting the United States, borrowers should anticipate a slowdown in mortgage

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